GE Medical Systems to Acquire Triple G Systems, Leading Independent Developer of Laboratory Information Systems.
MILWAUKEE & TORONTO--(BUSINESS WIRE)--June 26, 2003
GE Medical Systems Information Technologies, the healthcare IT business of General Electric Company (NYSE:GE), and Triple G(R) Systems Group, Inc. (TSX:TGG), announced today that they have signed a definitive transaction agreement, pursuant to which GE will acquire Triple G, a leading independent developer of laboratory information systems. In this transaction, GE will acquire all of the issued and outstanding common stock of Triple G for a consideration of $3.30 (Canadian) per share, payable in cash.
Triple G, founded in 1991, is a recognized leader in laboratory information systems for healthcare. Today, Triple G's laboratory information systems are licensed by more than 110 healthcare facilities, representing more than 450 clinical laboratories, in the U.S., U.K, Canada and Asia Pacific. Last year, Triple G received recognition from the industry research firm KLAS Enterprises as the premier laboratory information system for healthcare providers.
"Laboratory information systems are critical to delivering quality patient care in today's healthcare environment," said Dow Wilson, president and CEO of GE Medical Systems Information Technologies. "The increased focus on raising clinical productivity, while improving the quality of patient care has made clinicians eager for technology that provides real-time patient information across the healthcare enterprise. Because most clinical treatment decisions are based on laboratory test results, the potential for improving patient safety by enhancing workflow in this area is significant," added Wilson.
According to Wilson, the combination of Triple G's laboratory information technologies with GE's advanced clinical information systems and IT implementation experience, will provide clinicians with a comprehensive end-to-end clinical information system spanning all care areas.
"We are extremely excited about joining with GE, which will allow our offerings to become part of a holistic clinical information solution for healthcare providers around the world," said Lee Green, chairman and CEO of Triple G. "Triple G has a proven record of developing innovative products that improve the quality of patient care. With the backing and resources of GE, our future in healthcare information technology is very bright."
GE Medical Systems, recently ranked as the top healthcare IT company by Healthcare Informatics magazine, has invested more than $1.5 billion in technologies to help healthcare facilities better manage clinical workflow. The addition of Triple G's laboratory information systems will play an integral role in the development of a "next generation" clinical information system that will span the healthcare enterprise and improve clinical productivity.
The transaction, which is subject to the requisite Triple G shareholder and regulatory approvals, and other customary conditions, is expected to close in the third quarter of 2003. In connection with the transaction, Triple G granted GE an option to acquire newly issued shares of Triple G common stock, representing 19.9 percent of its total shares outstanding, at the transaction price of $3.30 (Canadian) per share. GE is also entitled to receive a termination fee from Triple G equal to three percent of the value of the transaction, if the transaction is not completed under certain circumstances.
In addition, members of the Board of Directors of Triple G, who together hold approximately 46 percent of the shares of Triple G common stock outstanding, have agreed to vote their shares in favor of the proposed transaction. The Board of Directors of Triple G has unanimously approved the transaction. Orion Securities Inc. (formerly Yorkton Securities Inc.) has provided a fairness opinion to the Triple G Board of Directors.
About Triple G Systems Group, Inc.
Triple G Systems Group, Inc. develops and implements software that automates and integrates clinical laboratory processes, supporting laboratories ranging from a single facility to integrated networks spanning multiple facilities and wide geographic areas. Triple G's products include ULTRA(R), which has been proven in high-volume distributed lab operations, and TriWin(TM), an NT-based solution for small to medium-sized laboratories. Triple G has over 110 licensees operating more than 450 laboratories in ten countries. ULTRA is one of the industry's most comprehensive laboratory information systems for the management and automation of all areas of the clinical laboratory. With corporate headquarters in Toronto (Markham), Canada, Triple G has additional offices in Canada, Australia, New Zealand and England. Additional information about Triple G can be found at www.tripleg.com.
About GE Medical Systems Information Technologies
GE Medical Systems Information Technologies provides hospitals and healthcare systems with advanced solutions to improve their clinical performance. The Company's expertise spans the areas of cardiology, patient monitoring, image management, clinical communications, clinical information systems and Six Sigma-based management tools to enable a real-time, integrated electronic medical record. GE Medical Systems Information Technologies is a business of GE Medical Systems, a $9 billion global leader in medical imaging, interventional procedures, and healthcare services. Additional information about GE Medical Systems can be found at www.gemedical.com.
This press release may contain forward-looking statements that involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are market and general economic conditions and the risk factors detailed in the Company's filings with the applicable Canadian securities regulatory authorities from time to time. Triple G disclaims any obligation or intention to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Triple G is a registered trademark of Triple G in Canada. ULTRA and Triple G are registered trademarks of Triple G in the USA. Triple G is a registered trademark of Triple G in Australia. All trademarks are registered to Triple G Systems Group, Inc. The Triple G logo is a trademark of Triple G. Trademarks are used under license.
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|Date:||Jun 26, 2003|
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